IFRS in India - jb nagar cpe study circle of wirc of icai

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IFRS in India – Its Status, Overview of Concepts and Impact in IndiaAnnexure 2: Common adjustments from Indian GAAP to IFRSProperty Plant and EquipmentGiven,1. Method adopted SLM2. Life 10 years3. Salvage value zero unless stated otherwisea. Residual ValueQ The residual value taken under Indian GAAP is 5 for an asset, the originalcost of which is 105. At the beginning of the sixth year, the residual value isre-estimated and the same asset is expected to have 45 at the end of itslife. The depreciation of 10 was provided during the sixth year under IndianGAAP. What shall be impact under IFRS for the sixth yearAnswerA Cr NW 8, Cr NI 8Rakesh Agarwal Slide 64
IFRS in India – Its Status, Overview of Concepts and Impact in IndiaAnnexure 2: Common adjustments from Indian GAAP to IFRSProperty Plant and EquipmentGiven,1. Method adopted SLM2. Life 10 years3. Salvage value zero unless stated otherwiseb. Exchange gains and lossesQ Exchange loss capitalized 20 as at the beginning of the yearAnswerA Dr NW 18, Dr NI 18Rakesh Agarwal Slide 65
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IFRS in India - jb nagar cpe study circle of wirc of icai

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